Steel Mills
September 23, 2014
USS Canada Debt Threatens Businesses and Economy
Written by Sandy Williams
Creditors of US Steel Canada are wondering how they are going to recover the money owed to them by the steel company. The Hamilton Spectator reports that US Steel Canada owes more than $94 million to contractors and suppliers, 190 of which are in the Hamilton area.
The CCAA process prevents creditors from suing USS Canada and requires current contracts be fulfilled. US Steel will negotiate a debt restructuring plan with creditors to reduce the amounts owed.
